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FAQs

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1

What Is An Insolvency Practitioner?

An Insolvency Practitioner (IP) is someone who is licensed and authorised to act in relation to an insolvent individual, partnership or company. Most IPs are…

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2

Can My Business Be Saved?

In this tough economy, many small business owners find themselves on the brink of throwing in the towel; but how do you know when it’s…

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3

What Is Administration?

The aim of an administration is to protect companies from their creditors whilst a restructuring plan is completed.  The process requires a licensed insolvency practitioner…

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4

What Is A CVA?

A Company Voluntary Arrangement (CVA) consists of a deal between the company and its creditors to repay them from future profits.  It is a deal…

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5

What Is Refinancing?

Refinancing is part-and-parcel of everyday business life, whether it entails negotiating new bank facilities, renewing overdrafts or entering into a factoring agreement. If the company…

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6

What Is A Shadow Director?

In many circumstances, the law applies not only to a director of a business, but also to a shadow director. A shadow director is a…

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7

Is My Business Insolvent?

The Insolvency Act lays down a few simple insolvency tests, two of which stand out: Balance sheet test – Are your assets less than your liabilities? If…

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8

Can I Be Held Personally Liable For My Company’s Debts?

There are circumstances where directors of companies in financial trouble can be held personally liable for debts incurred by the company.  The main area of…

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9

Can I Buy The Business Back?

One common concern for anyone who is an owner of a business whether they can buy their business back after the liquidation or administration process? The answer…

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10

What Are My Liabilities As A Director?

As a director of a limited company, the law says you must: Try to make the company a success, using your skills, experience and judgment…

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11

I’ve Received A Winding Up Petition – What Should I Do?

A winding up petition is by far the most serious action that can be taken against your company. Often it arises because a creditor feels that they…

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12

What Are My Responsibilities As A Director?

As a director of a limited company, you have certain legal obligations and responsibilities – these include: Try to make the company a success, using…

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13

Will A Pre-pack Help To Save My Business?

A pre-packaged sale (hence the term, ‘pre-pack’) refers to an arrangement under which the sale of all or part of a company’s business or assets…

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14

What Is A Pre-pack Administration?

A pre-packaged sale (hence the term ‘pre-pack’) refers to an arrangement under which the sale of all or part of a company’s business or assets…

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15

What Happens When a Company Goes Into Administration?

When a company enters administration, all company control is passed to an appointed administrator – who must be a licensed insolvency practitioner. The administrator’s objective…

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16

What Is Company Administration?

Administration can be an intimidating process for many company directors, however it is a great tool for recovering a business when used properly. Entering into…

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